In order to get better with our money, at some point our focus will need to shift to saving more money for debt elimination, emergency fund, retirement or to reward ourselves for the discipline used to accomplish our goals.
Below are some tips to assist with your saving efforts:
1. Establish a budget. In order to save money, we’ve got to first know where it’s going. A budget will help us to identify what’s going where and how much we should have left for spending and savings. Complete a zero-based budget every month and regularly document expenditures against it for status.
2. Set a savings goal. One of the best ways to save money is to set a goal identify target amount to save by a certain date. This will help you focus on it. 3. Make savings automatic. Set up direct deposit to have a certain amount of money withdrawn from your paycheck to go into a savings account. This will occur in the background without you having to do anything.4. Buy generic items. Try to buy generic staple food items and nonfood basics, like medicines, cleaning supplies and paper products.
5. Cancel subscriptions & memberships. Conduct a spending inventory to see what accounts, subscriptions and memberships are not serving you financially. Then cancel some, to see how that impacts your cash flow and life.
6. Eliminate Debt as quick as possible. No one wishes they had more debt. Increase your focus to get out of debt as soon as possible.
7. Reduce Temptation to Spend. Stay out of your favorite store or off your favorite website for a couple of months to see how that helps increase your savings. This will be hard to do but focus on your end goal to activate the self- discipline needed.
8. Meal Plan Your Food. Put together a meal plan for each meal and stay committed to using it so you do not mess up your food budget. This one may take a couple of months to get right but pays huge dividends when followed.
9. Switch Your Cell Phone Plan. Shop around for a lower plan that will provide instant monthly savings.
10. Stop eating out so often. Going out occasionally is okay, but let’s plan it ahead of time, so we can control the costs being spent.
11. Stop using credit cards. Use cash or debit cards as much as possible because you feel every spend and it helps you focus on NEEDS only.
15. Adjust Your Tax Withholdings. If you have been receiving a large tax refund, that means you are giving too much money to the government. Adjust your withholdings so you receive more money out of your check each month.
11. Stop using credit cards. Use cash or debit cards as much as possible because you feel every spend and it helps you focus on NEEDS only.
12. DIY everything. Mow your lawn yourself and do not call that contractor until you have tried to repair or replace it after watching YouTube videos.
13. Reduce Energy Costs. Adjust your thermostat so the HVAC system isn’t running as much. Take shorter showers, fix leaky toilets, wash clothes on cold cycle, and turn off lights when not needed.
14. Try a No-Spend Month. Keeping a needs based, no-fluff budget for 30 days, will save money immediately. Commit to cutting out the nonessentials for month and see how much money you can save.13. Reduce Energy Costs. Adjust your thermostat so the HVAC system isn’t running as much. Take shorter showers, fix leaky toilets, wash clothes on cold cycle, and turn off lights when not needed.
15. Adjust Your Tax Withholdings. If you have been receiving a large tax refund, that means you are giving too much money to the government. Adjust your withholdings so you receive more money out of your check each month.
16. Shop for Lower Insurance Rates. Once a year, look for lower insurance rates. Take advantage of combining auto/homeowner’s with one company. Also look to increase the deductible, which reduces the monthly premium.
20. Join a Gas Rewards Program. Since you’ve got to get gas anyway, you might as well get some perks by refilling with the same provider.
17. Learn to Say NO or Not Now. You’ll delay some of that gratification by using the magic of NO and save more money, build better spending and savings habits and feel more contentment overall.
18. Skip the coffee shop. Make coffee at home, which will provide immediate savings for the coffee lovers out there.
19. Pack a Lunch. Don’t go out to lunch everyday. Try brown bagging it and go out only once per week or for a special occasion only.18. Skip the coffee shop. Make coffee at home, which will provide immediate savings for the coffee lovers out there.
20. Join a Gas Rewards Program. Since you’ve got to get gas anyway, you might as well get some perks by refilling with the same provider.
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